KEY POINTS:
About 9000 investors owed $234 million by Wellington financier St Laurence will have to wait two months before they can vote on a last-ditch rescue plan.
St Laurence this week posted a website update on its repayment and recapitalisation scheme, revealing time problems.
The investors were meant to meet last month but now they will not know until mid-October what the plan involves. They will not be able to vote on the relief deal put to them until mid-November.
Investors are complaining that the scheme is taking far too long to arrange, planned dates have been broken and they are significantly worse off financially as global financial health worsens.
St Laurence chairman Kevin Podmore said on June 26 that a meeting would be held in early or mid-August.
Now, St Laurence is revealing more issues.
"The recapitalisation and repayment plan for investors has involved significant work and extensive consultation with the trustee and a number of advisers and accordingly has taken longer than envisaged. Once the trustee is satisfied that documentation relating to the plan is suitable to be sent to all investors, we will be able to proceed with registration and printing of the plan documents including an explanatory memorandum," St Laurence has told investors.
Shareholders are being told Podmore might contribute some of his own money, a deal which could involve him putting up his half-share of Auckland's Hilton Hotel.
Investors wanting information can contact a free calling line - 0800-499 321 - or email office@stlaurence.co.nz.